Corrugated Boxes Market Size to Surpass US$ 215 Bn by 2026
LOS ANGELES, Feb. 18, 2020 /PRNewswire/ -- The Corrugated Boxes Market size is expected to surpass around US$215 bn by 2026: Acumen Research and Consulting.
Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled "Corrugated Boxes Market (By Material Type: VirginFiber, Recycled Fiber; By End Use: Food & Beverages, Chemicals, Textile, Personal Care & Household, Electricals & Electronics, Ecommerce, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026".
Global Corrugated Boxes Market is growing at a CAGR of around 5.2% during the forecast period 2019 to 2026.
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North America dominated the global corrugated boxes market in the year 2018. The presence of huge number of end industries, increased in preference for sustainable packaging solution, rise in per capita income, change in lifestyle of consumers, expanding international trade, growing urbanization are fueling the regional market growth. Moreover, the rapid growth of electronical industries along with increase in e-commerce industry during the past years expected to drive corrugated boxes market. Nowadays, electronics is at top in the selling category due to increase in internet and mobile penetration has accelerated the growth of the e-commerce industry which ultimately has propelled the demand of corrugated boxes.
In addition, recently West Rock has acquired Kapstone Paper and Packaging Corporation has accelerated the growth of corrugated boxes in US market. The Europe region is anticipated to exhibit a second largest share in corrugated boxes market. Additionally, many established manufacturers are investing huge amount of money in the research and development to improve corrugated boxes.An increase in online food delivery industry, growth in number of nuclear families, growing awareness related to eco-friendly packaging material, hectic schedules increasing demand for convenient packaging, increase in disposable income further accelerating the growth of corrugated boxes in the region throughout the forecast period.
Asia-Pacific is anticipated to project the highest CAGR during the forecast period. The presence of huge consumer base, growing in end use industries, government taking initiative to make consumer aware about eco-friendly packaging, making favorable environment to attract more of manufacturing and end use industries to establish their manufacturing plant in their countries, many established industries are investing huge money in developing countries because of potential growth in the regional market.
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Additionally, increase in household disposable income, shifting towards the online shopping which increasing the demand for corrugated boxes as online, growing GDP is fueling the growth of corrugated boxes in the coming years. Moreover, India and China are the fastest growing countries due increase in industrialization, urbanization, increase in demand of packaged products, increase in e-commerce industries which require product specific products packaging are propelling the growth of corrugated boxes in the regional market over the forecast period.
Recycled fiber has dominated the material type in the year 2018 and segment is anticipated to maintain its dominance throughout the forecast period. Most of the corrugated boxes are made from recycled fiber because it is becoming a standard in the packaging industry over the past few years and government also making restrict rules related to packaging material due to rise in pollution level across the global. Boxes manufacture from recycled fiber are different from virgin fiber which means it require unique packaging solutions. The fibers used to manufacture corrugated boxes can be used for multiple times, it can be reused over 5 times before it needs to be discarded which will curb the population in the world. An increase in recycled fiber due to increase in pollution level, its properties like lightweight, cost effective material, protect fragile product, save energy and water, increase in end industries like cosmetic, food & beverages, electronics, and FMCG items which require lightweight packaging are accelerating the growth of the segment over the forecast period.
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Food & beverages segment has dominated the corrugated boxes on the basis of end use and the segment held the largest market share in the year 2018. The major factors driving the growth of this segment are rising demand for ready to eat food items, hectic schedules encouraging consumers for convenient packaging, change in eating habits of consumers, rise in online food delivery industry are propelling the demand for corrugated boxes mainly in emerging market. This anticipated enhancing the dominance of food & beverages segment in the global market during the forecast period.
Some of the leading competitors are Smurfit Kappa Group, International Paper, Europac GroupPackaging Corporation of America, West Rock, Georgio-Pacific LLC, Archis Packaging (India) Pvt. Ltd., DS Smith, Nefab Group, Nine Dragons Paper and Mondi Group,
Some of the key observations regarding corrugated boxes industry include:
- In June 2019, Smurfit Kappa, one of the leading producers of corrugated boxes, has designed an innovative e-commerce packaging for a Latin America egg provider through its esmart packaging, to expand its business across Latin America and to help emerging companies to propel business growth through innovative packaging concept.
- In June 2014, e-commerce industry like Amazon and Flipkart deliver large number of items to the consumer at their doorstep has increased the demand of corrugated boxes and they are looking forward to get regular supply from established manufactures.
- In January 2016, Borkar Group has acquired Suraksha Packer which manufacture corrugated boxes. This acquisition has helped the company to expand their business across India.
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